Practus’ Performance Improvement Solution assisted the adhesive manufacturer in automating claim settlements with end-to-end TAT visibility to all the stakeholders.
|Client||ROI||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|An Adhesive Manufacturer Company||5X||FMCG||Listed Indian MNC||Professional||~5000+||$667 million||18 months|
About The Company
Stickwell is 60 years old Indian adhesives, industrial chemicals, and building chemicals’ MNC with manufacturing setups in 10 countries, a presence in 70+ countries, offering consumer and industrial products.
Practus’ Role in Performance Improvement
- Reducing errors and claim settlement from their existing 50 days as it was a manual process.
- To identify and implement process improvement and automation opportunities for reduced manual intervention.
- In the commercial finance division, all policy terms and conditions were followed to the T.
- Act as the data custodian and enable easy and real-time data access for analysis.
Impact Delivered in Performance Improvement
- An automated claim settlement portal was created with end-to-end TAT visibility.
- Y-o-Y improvement was seen on the following parameters:
- The customer query resolutions increased to 93% from 51%.
- The automated claim settlement share increased to 81% from 40%.
- The percentage of employees following the stock loss policy increased to 83% from 58%.
- Despite a 50% increase in the number of schemes, the claim settlement reduced to 12 working days from 37.
- No-claim confirmation policy increased to 82% from 71%.
- Other claim settlements, such as returns, disposal, samples, and rate discrepancies reduced to 12 working days from 34.
See how Practus can assist you in improving your organization’s Performance
*Client Name has been masked for the purpose of confidentiality